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Comparing Excessive Withdrawal Fees For Savings Accounts

Thursday, November 21, 2013 - 8:01 AM
Though you may not have known it, the federal government is responsible for the fees that prevent consumers from making huge withdrawals from their savings accounts. This policy, known as Regulation D, limits a person from making more than six withdrawals a month from their savings account. However, there is more at stake than fees when it comes to excessive withdrawals — a person’s savings account is threatened.

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4
ShorebreakShorebreak2,621 posts since
Apr 6, 2010
Rep Points: 14,210
1. Thursday, November 21, 2013 - 8:13 AM
We use ATM to do most savings withdrawals/transfers.  I think that the BofA rule is 6 non-ATM withdrawals, or 3 checks, or a combination of both (e.g., one check, four withdrawals).  It may be relationship dependent. 
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
2. Thursday, November 21, 2013 - 7:50 PM
Unless rules have changed it is not "huge withdrawals" that are charged fees by the gov but the number of withdrawals on savings accounts that are charged. Below is a link to transactions that are counted toward your 6 withdrawals and ones that are not counted.

Reg D Chart - transfer and withdrawal limitations on savings deposits 

If I go into the branch and have a person do a transaction somehow it does not count. They told me if I every had to make over 6 of the counted transactions to come in and have them do it and then it would not be counted. But, I usually make only 2 withdrawals a year anyway.
4
Ally6770Ally6770912 posts since
Jan 16, 2010
Rep Points: 2,655
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